What to keep for 1 month

What to keep for 1 year

Paycheck Stubs (You can get rid of once you have compared to your W2 & annual social security statement)

Utility Bills (You can throw out after one year, unless you're using these as a deduction like a home office --then you need to keep them for 3 years after you've filed that tax return)

Cancelled Checks (Unless needed for tax purposes and then you need to keep for 3 years)

Credit Card Receipts (Unless needed for tax purposes and then you need to keep for 3 years)

Bank Statements (Unless needed for tax purposes and then you need to keep for 3 years)

Quarterly Investment Statements (Hold on to until you get your annual statement)

What to keep for 3 years

Income Tax Returns (Please keep in mind that you can be audited by the IRS for no reason up to three years after you filed a tax return. If you omit 25% of your gross income that goes up to 6 years and if you don't file a tax return at all, there is no statute of limitations.)

Medical Bills and Cancelled Insurance Policies

Records of Selling a House (Documentation for Capital Gains Tax)

Records of Selling a Stock (Documentation for Capital Gains Tax)

Receipts, Cancelled Checks and other Documents that Support Income or a Deduction on your Tax Return (Keep 3 years from the date the return was filed or 2 years from the date the tax was paid -- which ever is later)